SUMMARY OF CHANGES TO PROPERTY MANAGEMENT FORMS
(EFFECTIVE JULY 1, 2015)
At the recommendation of a task force comprised of several members of NCAR’s Property Management
Division and chaired by 2015 PMD Chairman Lee Porter, and the approval of the task force’s
recommendations by the NCAR Executive Committee, the property management forms listed below
have been created, revised or eliminated effective July 1, 2015. A marked-up copy of each form that
shows the exact changes can be accessed by clicking on the name of the form.
(1)
(2)
(3)
(4)
(5)
Exclusive Property Management Agreement (Long-term Rental Property) (form 401)
Residential Rental Contract (form 410-T)
Residential Rental Contract Renewal and/or Amendment (form 425-T) (NEW)
Multi-Parcel Addendum to Exclusive Property Management Agreement (form 450-T) (NEW)
Early Termination by Military Personnel Addendum (form 441-T) (ELIMINATED)
(1) Exclusive Property Management Agreement (Long-term Rental Property) (form 401)
The new version addresses or better address a number of issues that commonly come up, including:
 fees owed the property manager when an owner terminates the management agreement prior
to the end of the initial or any renewal term of the agreement (paragraph 4)
 handling of pre-paid rents (paragraph 6(f))
 withholding of rents in addition to the amount of any agreed-upon maintenance fund to cover
unusual expenses associated with managing the property (paragraph 6(i))
 whether or not pets will be permitted (paragraph 11)
 information about any condo/owners association (paragraph 12)
 confidentiality of a tenant’s personal information (paragraph 16)
 manager’s right to terminate management agreement immediately under certain circumstances
(such as owner bankruptcy or institution of foreclosure proceeding) (paragraph 24)
 the use of electronic means to create or modify management agreement and send/receive
notices during term o f management agreement (paragraph 27)
(2) Residential Rental Contract (form 410-T)
The new version addresses/better addresses a number of issues that commonly come up, including:
 when rent is considered late (paragraph 2)
 information about any condo/owners association (paragraph 9)
 addition of several specific examples of damage that tenant is responsible for (paragraph 11)
 addition of change, removal or adding locks as requiring prior written consent ((paragraph 13)
 restoration of prior fuel level by tenant at end of lease (paragraph 16)
 fines for unpermitted pets and unpermitted occupants (paragraphs 12 and 14)


tenant’s acknowledgment that information about tenant may be provided to 3rd parties
(paragraph 30)
the use of electronic means to create or modify rental contract and send/receive notices during
term o f rental contract (paragraph 33)
(3) Residential Rental Contract Renewal and/or Amendment (form 425-T) (NEW)
This new form was developed to handle lease renewals or lease amendments such as changes in rent.
(4) Multi-Parcel Addendum to Exclusive Property Management Agreement (form 450-T) (NEW)
This new form was added for situations where the property manager will be managing multiple
properties for the owner.
(5) Early Termination by Military Personnel Addendum (form 441-T) (ELIMINATED)
The form is being eliminated. It attempted to harmonize discrepancies between federal and state laws
relating to early termination of leases by members of the armed services but was thought to cause
confusion in some situations. The NCAR Property Management Division determined that it would be
preferable to eliminate the form and rather rely on the laws.
The revised forms will be updated on the NCAR web site between June 24th and 26th. They have been
provided to NCAR’s approved forms software vendors. Questions about the roll-out date for an update
of a forms software program should be directed to the vendor.
Permitted users of NCAR’s forms have 60 days following their effective date to transition to the revised
forms. Therefore, old versions should not be used on transactions taking place after the end of August
2015.